String of deals sees city’s landmark development fill up
MEPC, the developer behind 6 Wellington Place in Leeds, has hailed the strength of the city’s market after announcing that all the office space at the 104,000 sq ft building is now fully let within four weeks of practical completion.
Wellington Place, a landmark development in the centre of Leeds, is funded through a joint venture between Hermes Investment Management, the £23bn manager, and Canada Pension Plan Investment Board (CPPIB), a professional investment management organisation.
In a move that MEPC says “best demonstrates the strength of the Leeds economy”, three of the deals signed are with existing occupiers at Wellington Place.
6 Wellington Place will house Sky Betting & Gaming, which has confirmed it will acquire an additional two floors, taking its total space at the MEPC development to 65,000 sq ft across two buildings.
The company will employ more than 750 staff at its Leeds headquarters.
Netpremacy, the global network, security and cloud specialists, is also upgrading to a bigger office space in 6 Wellington Place to house additional team members and to meet growing business demand. The firm will now reside in office space totalling 5,000 sq ft.
The first tenant to agree terms in the building was Squire Patton Boggs, the law firm which will move into 32,000 sq ft of office space over two floors, followed by Equifax which have made the move to relocate its offices from Bradford to Leeds.
Additionally, law-firm Shulman’s is another existing occupier which will further expand its presence from two to three floors at 10 Wellington Place. It will acquire an additional 5,000 sq ft taking its total space in the scheme to 12,699 sq ft. Its Leeds office will be home to 180 staff.
James Dipple, chief executive of MEPC, said: “It’s a huge achievement to have a building fully let so close to completion. This clearly demonstrates that the quality of development we’re building is hitting the mark with occupiers. I firmly believe that the Wellington Place environment helps businesses flourish which is reflected in the recent deals signed with existing tenants who are all expanding. These businesses looking to acquire more space not only appreciate the high quality and specification of the new buildings here but also clearly see a great benefit in being part of the dynamic and vibrant business community we are organically nurturing at Wellington Place.
“We’re not just another developer building a new scheme. Wellington Place is a community enjoyed by more than 2,000 professionals who benefit from the environment we have created for them in the heart of the new corporate district of Leeds. The next building scheduled for completion is 5 Wellington Place which offers 75,000 sq ft of space and is due to complete summer 2016. Already we’re seeing strong levels of interest in this building and as a result it’s likely that 3 Wellington Place will be breaking ground soon.”
Chris Taylor, head of mrivate Markets at Hermes Investment Management, said: “The success of 6 Wellington Place is testament to our long-term strategy and focus on investing in regeneration schemes in major city centres. In partnership with the public sector, we are able to provide excellent public realm and accessibility and meet occupiers’ requirements for attracting and retaining talent in an increasingly urban environment.”
Roger Marsh OBE, chairman of Leeds City Region Enterprise Partnership (the LEP), added: “This latest announcement from Wellington Place shows how demand for space within Leeds and the wider City Region is at a post-recession high. These lettings show why the recent Deloitte Crane Survey 2016, identified that office construction was at its highest since 2007, and demand still high, thanks to the drive for north shoring businesses.
“I’m also encouraged not only by the speed with which 6 Wellington Place has been fully let; but by the fact that part of this is as a result of indigenous business growth for a number of the developments existing tenants. I feel that the growth of these firms emphasise how we, as a City Region are moving in an increasingly positive direction to deliver upon our economic potential, and importantly help to rebalance the UK economy.”
This month, CPPIB also partnered with Hermes Investment Management at the £1bn Paradise development in Birmingham by taking a 50% stake in the £150m first phase.
